Rating Release
Agusto & Co. hereby affirms the “Bbb-” rating assigned to FundQuest Financial Services Limited with a stable outlook
The rating expires on 30 June 2025
Agusto & Co. hereby affirms the “Bbb-” rating assigned to FundQuest Financial Services Limited (“FundQuest” or “the Company”). The rating reflects FundQuest’s growing brand in the Nigerian finance company segment evidenced by the enhanced funding base and improved positioning in the sector. The rating is also supported by the Company’s acceptable profitability, stable and experienced management team and adequate capitalisation. However, the rating is constrained by FundQuest’s sizeable exposures to unrated counterparties in the placements portfolio in the review year and reliance on expensive wholesale funds. We have also considered the adverse impact of elevated inflation and interest rates on businesses operating in the finance company segment of the Nigerian financial services industry.
